New Conforming Loan Limits for 2022

As of January 1, 2022, the conforming mortgage loan limits have increased because of rising home prices. Most people in the United States can get a conforming loan of up to $647,200. The new limits make it easier for homebuyers to qualify for more without the need for a non-conforming jumbo loan.

The new loan limits benefit both home buyers and homeowners. Homebuyers qualify for more at lower interest rates and have lower monthly payments. Homeowners can access more equity with a cash-out refinance, which allows them to pay off debts and make home improvements.

However, in counties where real estate is more expensive, the Federal Housing Finance Agency (FHFA) offers super conforming mortgage limits. In San Diego, homebuyers can get a super conforming loan between $647,201 and $879,250. Super conforming loans, referred to as high-balance or high-cost mortgages, are available in adjustable-rate or fixed-rate form. Homebuyers can purchase a primary residence or an investment property.

If buyers meet the requirements for a super conforming loan, they will have more options and, in some circumstances, lower costs. If the property is higher than the super conforming loan limit, buyers can come up with a larger down payment. On the other hand, the interest rates for jumbo loans can still be competitive depending on the housing market.

NEW! Reverse Mortgage Program for People 55 and Older

People 55 and older use proprietary or private reverse mortgage programs to refinance or purchase a home. Borrowers can eliminate the need for a monthly mortgage payment or free up cash assets.

Alexander Pfleger Real Estate is a full-service brokerage. Please call Alexander on his cell phone at 619-339-7334 with any questions. We look forward to working with you.